Hanjin Shipping gets loan from Korean Air

Hanjin Shipping said Wednesday that it is receiving a loan of 150 billion Korean Won ($141.6 million) from Korean Air, a major shareholder of Hanjin Shipping Holdings.
In return, Hanjin Shipping Holdings will be pledging Hanjin Shipping shares to Korean Air.
Hanjin Shipping said "this decision has been made by the board of directors of Hanjin Shipping, Hanjin Shipping Holdings and Korean Air to overcome current liquidity problems. Meanwhile, Hanjin Shipping will continue to work on various measures to improve liquidity and strengthen balance sheets."